Gold, silver fall on weak global trend
While gold declined by Rs 5 to Rs 30,540 per ten gram, silver dropped by Rs 335 to Rs 38,995 per kg on fall in demand from retailers and industrial units.
New Delhi: The prices of gold and silver on Thursday declined in the national capital on reduced offtake amid a weak global trend.
While gold declined by Rs 5 to Rs 30,540 per ten gram, silver dropped by Rs 335 to Rs 48,995 per kg on fall in demand from retailers and industrial units.
Traders said fall in demand due to ongoing "Sharads", an inauspicious fortnight in Hindu mythology for making fresh purchases mainly pulled down the precious metals.
They said a weakening trend in overseas markets as investors remained bearish and the US government yet to pass budget as lawmakers tussle over funding the health-care overhaul further influenced the sentiment.
The gold in Singapore, which normally sets price trend on the domestic front, fell 0.22 percent to USD 1,330.20 an ounce and silver by 0.32 percent to USD 21.73 an ounce.
On the domestic front, the gold of 99.9 and 99.5 percent purity declined by Rs 5 to Rs 30,540 and Rs 30,340 per ten gram, respectively. Sovereign held steady at Rs 25,000 per piece of eight gram in limited deals.
Silver ready dropped by Rs 335 to Rs 48,995 per kg and weekly-based delivery by Rs 585 to Rs 48,895 per kg on falling demand from stockists and industrial units.
On the other hand, silver coins continued to be asked at previous level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.